Air Asia reinstates Tony Fernandes and Kamarudin Meranun following BDO report

Air Asia Berhad (AAB) has announced that the BDO Governance Advisory Sdn Bhd (BDO), the independent expert in assisting the Non-Executive Independent Board Committee has presented their findings of the independent internal inquiry.

The report highlighted that AAB has a robust aircraft procurement process which was complied with and AAB’s aircraft acquisition was justifiable and at prices favourable to AAB.

Furthermore, AAB’s sponsorship of the sports team was approved in compliance with its procedures. Airbus’ sponsorship of the sports team was also disclosed to and supported by the Board of Directors of AAB.

The report further stated that the sponsorship showed demonstrable benefits to the AirAsia Group and was not linked to any purchase decisions by AAB.

The report have been presented to the Board and as a result, the Board has resolved to reinstate the executive positions of Tony Fernandes and Kamarudin Meranun.

The appointment of Tharumalingam Kanagalingam as the acting chief executive officer has been rescinded.

Allegations of Caterham F1, being sponsored improperly by Airbus had risen earlier this year. Both Fernandes and Meranun were shareholders in Caterham throughout the period.


Please enter your comment!
Please enter your name here

Latest News

MaGIC’s University Startup Challenge 2020 cultivates aspiring leaders

Malaysian Global Innovation & Creativity Centre (MaGIC)’s University Startup Challenge 2020 (USC) was held virtually from June to October this year, with...

GDB secures single-largest RM1.25 billion contract to complete 8 Conlay

Construction services firm GDB Holdings Berhad has secured its single-largest contract of approximately RM1.25 billion to complete the remaining main building works...

Microsoft Malaysia appoints 2 new additions to leadership team

Microsoft Malaysia has appointed two new additions to its leadership team to further strengthen and accelerate the digital growth of customers in...

Funding Societies Malaysia to collaborate with TM Info-Media to offer business financing solutions to MSMEs

Funding Societies Malaysia, a peer-to-peer (P2P) financing platform in the country and Southeast Asia recently collaborated with TM Info-Media Sdn Bhd (TMIM),...

Monash University approves funding for 7 digital health strategic projects

Monash University Malaysia has approved funding for seven digital health strategic projects totaling more than RM2 million. The Monash University Malaysia ‘Network...

Must read

Revitalise the property market for the benefit of all Malaysians

By Wong Siew Lai, General Manager – Malaysia and General Manager - Marketing & Communications, Malaysia Sdn Bhd

Underemployment anxiety needs to be given serious attention

By Sofea Azahar, It is very unfortunate to witness that the unprecedented twin crisis – health and economic –...

How 5G can help us build the urban future

Sunway Group is leading the way to create smart and sustainable cities with great potential As centres of...

IDEAS Opines Business And Economy Will Be Hampered If Parliament Were To Be Suspended

The Institute for Democracy and Economic Affairs (IDEAS) is troubled by several reports that a state of emergency is expected to be...